The reliability of self-reported home values in a developing country context

Climent Quintana-Domeque and Marco González
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Marco González: Princeton University

Working Papers. Serie AD from Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie)

Abstract: We analyze the reliability of homeowners¿ estimates of the value of their houses, in a household survey (of poor suburbs) of a developing country. We show that non-response to the home value question by the owner is uncorrelated with the appraised value of the house and other demographic characteristics of the respondent. We also document that homeowners with long tenure largely overestimate the value of their home. Moreover, both the bias and the lack of precision in homeowners¿ estimates are correlated with tenure, but not with socioeconomic characteristics. However, we also show that self-reported home values from short-tenure homeowners can be used to obtain unbiased and precise estimates of the average house value at the census tract level.

Keywords: bias; inaccuracy; housing prices; owners¿ estimates; appraised values. (search for similar items in EconPapers)
JEL-codes: R14 R21 R31 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2008-12
New Economics Papers: this item is included in nep-dev and nep-ure
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Published by Ivie

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http://www.ivie.es/downloads/docs/wpasad/wpasad-2008-18.pdf Fisrt version / Primera version, 2008 (application/pdf)

Related works:
Journal Article: The reliability of self-reported home values in a developing country context (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:ivi:wpasad:2008-18

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